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Facebook should pay trusted news sources, such as The Sun, to help it fight fake news, argues Murdoch

Media billionaire Rupert Murdoch has demanded compensation from social media companies, such as Facebook, as they look to tweak their news feeds to ensure that their users are exposed to less so-called 'fake news'.

Speaking on Monday, the Australia-born entrepreneur suggested that Facebook should pay 'trusted' news publishers, such as The Sun, a set amount of cash to help it fight fake news reports and features.

Murdoch believes that the internet company must offer media organisations a carriage fee in a bid to eradicate misinformation on the website - and to help pay for real news produced by real journalists, given that online advertising barely covers genuine websites' costs.

Facebook and Google have popularised scurrilous news sources through algorithms that are profitable for these platforms, but inherently unreliable

The media tycoon, who owns newspapers such as the Wall Street Journal, and The Times, as well as The Sun, slammed internet companies, such as Facebook and Google, for their approach on the topic.

"Facebook and Google have popularised scurrilous news sources through algorithms that are profitable for these platforms, but inherently unreliable," he said in a statement on Monday.

According to Murdoch, social media companies are failing to promote and reward legitimate journalism. He criticised social media algorithms, in particular.

"There has been much discussion about subscription models but I have yet to see a proposal that truly recognises the investment in and the social value of professional journalism," Murdoch said.

His rhetoric comes as Facebook founder and CEO Mark Zuckerberg announced plans to combat fake news. On Friday, he said the platform would tackle misinformation by identifying "trustworthy" media outlets.

"There's too much sensationalism, misinformation and polarisation in the world today. Social media enables people to spread information faster than ever before, and if we don't specifically tackle these problems, then we end up amplifying them," he wrote last week.

"That's why it's important that News Feed promotes high quality news that helps build a sense of common ground."

Ever since the 2016 US presidential election - when Russian state 'trolls' were accused of distributing fake news across Facebook - the social media giant has been pressured to enable quality news.

It's unclear, though, what influence their work had on voters and the election.